I’m not going to lie, being financially independent is nice. It enables choice and opportunity. We can choose to earn an income, or not. We can choose to remain in one location, or not. We can pretty much choose to do anything we want, when we want, and how we want.
In fact, I’m pretty sure there is only one thing better than being financially independent: Being financially independent SOONER!
How would you like to accelerate your savings, becoming financially independent years ahead of schedule? What if you could do this without saving even 1 extra dollar? Not one!
It just happened. Not in the way good things happen when you aren’t expecting it, more in the way of how you might describe a horrible accident
“This guy was crossing the street, and a big truck just came out of nowhere, and BOOM… it happened”
Back in 2006 the real estate market in the Seattle area was hot. Prices were on the rise, and the press was full of stories of people making tons of cash rehabbing properties. People were even quitting their day jobs to flip houses.
I had taken advantage of the hot market to sell my own house, choosing instead to live in a small apartment in a walkable neighborhood. I wasn’t interested in real estate myself, but I was interested in building some passive income streams
House flippers were in need of short term cash. As it so happened, I had some. So I started lending money to a few people with incredible return rates. They would get the cash they needed to remodel a house for 2-6 months, I would get a percentage of the profit from the sale of the home. Yield was sometimes 10-20% per month!
This was great! What could possibly go wrong? A lot, apparently
I was on the wrong track. Work was consuming all of my waking hours, and my house was a time and money sink hole. I was angry and frustrated. I wanted out
I looked at my most recent bank statement. Last month I had earned $0.06 in interest. 6 cents?! I was doomed!
I had a mortgage and a student loan. Most of my savings was locked up in my 401k or home equity, and the value of the latter was highly questionable
I needed some passive income. Who wants to continue trading hours for dollars, when money can magically appear in your bank account while you sleep? The late night infomercials promised over night success
Of course like most good magicians, behind the illusion is years of hard work, dedication, and practice. It is one thing to understand how to earn income while you lounge on the beach, and another to make it happen
But if you are diligent and overcome the challenges, one can go from being burdened by debt to having assets that earn more than your cost of living in a relatively short period of time.
Welcome to the First Official Go Curry Cracker Financial Review! In a series of new posts, I will review the financial situation of an anonymous reader, and provide actionable recommendations
The lucky winner of our Financial Review goes to reader Bob. We exchanged many emails over the holidays, and put together a great plan that will help Bob and his wife overcome their financial concerns, retire earlier, and save $1.5 million or more in taxes
Along the way we learn about RMDs, and the sweet deal that Federal employees have in terms of pension and health benefits
Hey Jeremy and Winnie
Love your site! My wife and I have been talking about ER for some time now but are scared to death of running out of money and are worried we haven’t saved enough. Your tax-free approach is a different take of which you don’t hear a lot of folks talking about. I just turned 57 and she is 54. Getting a little freaked out about retiring at this age. ;)
2014 was our 2nd full year of Early Retirement and International Intrigue
We began the year by slipping into Cuba, experiencing a country lost in time. And none too soon. Based on recent statements by President Obama, the Cold War may finally gasp its last breath. Cuba will never be the same
Back in the modern world, we jetted across the Pacific on a secret mission that would change our lives forever. Thanks to the miracle of modern medicine and In-vitro Fertilization (IVF), we were able to create a little human boy, due April 15th, 2015 (Ironic, no?) Going to Taiwan for Medical Tourism saved us 80% off US prices
Our intentions were to undergo IVF treatment, travel throughout SE Asia, then head to Europe for a Destination Birth. But even with infinite flexibility, things didn’t go as planned. A little scare and a brief period of Doctor mandated bed rest convinced us to stay in Taiwan throughout the pregnancy. We explored a bit, visiting Taroko Gorge and the islands of Penghu, and I road a bike 900 km all the way around Taiwan
In Taipei, we found some great accommodations and spent our day hours pursuing artistic endeavors. Winnie studied water painting, oil painting, calligraphy, and the flute. I am 3.5 semesters into an intensive Chinese language program, and continue to play guitar daily.
It’s that time of year again, when the stars align and wonderful things happen. No, not the holidays. Tax time!
That’s right, before the end of the year we need to implement all of those tax minimization strategies that allow us to defer, minimize, and eliminate taxes
I just completed this process for the year, effectively completing our 2014 taxes.
Total time? 7 minutes
I have tax time down to an art. Here is how I did it
